The UK and US are heading for recession and China is facing a sharp economic slowdown that will have ramifications for Australia’s economy and shape next week’s budget, Treasurer Jim Chalmers warns.
“The budget will confirm the stark deterioration in the outlook for global growth and in several major economies, with some at risk of falling into recession,” he said. Growth in China has been downgraded from 5.25 per cent to 4.5 per cent for 2023, and globally the GDP forecast for next year has dropped a percentage point to 2.75 per cent.
Inflation in Australia is expected to peak at 7.75 per cent by Christmas, easing to 4.25 per cent by the end of 2023.
rachelclun Inflation and recession, both created by FED. 😁😁😁
rachelclun No confidence in the Labor Party to guide the Australian economy through a global financial crisis……
rachelclun Treasurer Jim Chalmers needs to stop looking for excuses for future failures. He should own the portfolio and do something positive and stop focussing on the negative. It is starting to make him look weak and incompetent.
rachelclun
rachelclun As long as the money is going to people who need it and not the people who will put it in their offshore bank accounts, spending is good for the economy. Our current government is doing a great job.
rachelclun Charmers-Albanese vs. Frydenberg-Morrison. I thank the heavens the LNP is dead. Yes, tough times are ahead, but good to have strong captains (who can also do more than one thing at a time) at the helm.
rachelclun Yeah but don't expect any cuts. We are talking about Labor and their mates have to get a taste.
rachelclun Maybe the world is waking up to China, anything made there lasts about 3 days longer than the warranty period
rachelclun Has this guy ever smiled? Once?
rachelclun Always “slowing down” but never in a recession. Strange that.
rachelclun selling stuff to china will have to be a university course
rachelclun Albo Labor Jim Chalmers Treasurer, Debt- Doom & Gloom Albo spends $15 billion on parental leave & infrastructure “Oxymorons”
rachelclun This was L-plate Chalmers before the election
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Source: SkyNewsAust - 🏆 7. / 78 Read more »
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Why the RBA shouldn’t listen to Jim CramerIgnoring the impact of higher labour costs on services has wrong-footed investors ahead of the latest inflation surprise in the US. No one needs to listen to Cramer. I have not seeing an article on the cost of electricity. C&I customers that are coming off the electricity contract at rate of 8-10 $C kWh are going into 25-30$C kWh. Some of them are getting over 400% increase on the electricity costs. Increasing cash rates won't solve that
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